Barrick Gold estimates gold output dropped 9.8 percent in 2016

(Reuters) - Canadian miner Barrick Gold Corp (ABX.TO) on Wednesday estimated its gold production in 2016 fell 9.8 percent to 5.52 million ounces.

Barrick Gold Corp Chairman of the board John Thornton speaks during their annual general meeting for shareholders in Toronto, Ontario, Canada on April 28, 2015. REUTERS/Mark Blinch/File Photo

The world’s largest producer of bullion also estimated 2016 all-in sustaining costs was at or slightly below the low end of its forecast of $740-$775 per ounce of gold.

In comparison, Barrick had all-in sustaining costs of $831 per ounce in 2015. (bit.ly/2ksmpJ6)

Barrick also estimated its cost of sales applicable to gold last year was at the low end of the forecast of $800-$850 per ounce it gave in October.

The Toronto-based company estimated its full-year copper production dropped 18.8 percent to 415 million pounds, with all-in sustaining costs of $2.00-$2.20 per pound. These costs were $2.33 per pound in 2015.